Hopes for the resumption of flights in Hormuz were overshadowed, and European gas futures rose more than 4% in the intraday period

The Zhitong Finance App notes that European gas prices have risen. Earlier, while the war continued, Iran's president emphasized that there are huge differences between Iran and the US, making any hope that energy circulation through the Strait of Hormuz will resume normalization in the short term.

Benchmark futures rose 4.2% on Thursday. As of press release, European gas benchmark, Dutch futures in recent months, rose 3.44% to 74.49 euros per megawatt hour.

Market trends have been repeated this week, with traders balancing geopolitical trends with Europe's efforts to rebuild depleted gas stocks just before winter.

Iranian President Masood Pezeshkian on Wednesday listed a series of conditions that must be met before any substantive negotiations with Washington resume, and insisted that as long as sanctions and the US blockade remain in place, Tehran will not allow freedom of navigation in the Strait of Hormuz.

His speech at the UN General Assembly in New York weakened the initial signs of diplomatic progress that appeared earlier this week.

Although there are signs that more oil cargo is passing through the Strait of Hormuz, the flow of liquefied natural gas (LNG) remains sluggish because LNG relies on dedicated carriers and is more susceptible to safety risks in the strait.

European gas prices resumed rising on Thursday

The continued shortage of LNG in the Middle East means Europe will face more intense competition from Asia for limited global supply as traders struggle to replenish stocks.

European gas stocks are currently only slightly above 70%, below the seasonal norm of 86%. What has further tightened the market is that the pipeline gas flow from Norway to mainland Europe has declined due to maintenance of natural gas facilities. The EU Gas Coordinating Group (EU Gas Coordinating Group) is scheduled to meet on Thursday to discuss the supply situation.